Trump Plan a Potential Bonanza for Trust Banks

Custody banks like Bank of New York Mellon and State Street would benefit from deregulation plans

Among the biggest winners from President Donald Trump’s deregulatory agenda could be a handful of banks that don’t often garner much attention.

So-called custody or trust banks, including Bank of New York Mellon and State Street, specialize in safekeeping the securities and other assets of institutional investors such as mutual funds and insurers. They stand to benefit more than other banks from potential changes to how regulators...